Global Automotive Lightweight Materials Market is estimated to reach $169.6 billion by 2024; growing at a CAGR of 12.5% from 2016 to 2024. The automotive lightweight materials are used to decrease the weight of automotive, and are mixture of metal alloys and composites. These automotive lightweight materials have many applications in several industries such as automobile, wind, aerospace, and others. Growing demand for fuel efficient vehicles due to strict emission regulations, high demand for lightweight materials in automotive industry, technological advancements globally are the factors driving the global automotive lightweight materials market growth during the future years.
Major factors driving the global automotive lightweight materials market are growing penetration of lightweight components, high production of aircraft modules, and stringent emission and fuel economy guidelines to increase the demand for lightweight materials in automotive industry. However, high cost of carbon fiber, and instabilities in raw material prices may hamper the market growth. Furthermore, growing demand for lightweight vehicles across the globe, and current R&D in lightweight materials used in automotive would unfold with numerous growth opportunities in the forecasted years.
Major segments in the global automotive lightweight materials market are material type, application, and geography. By material type, the market is bifurcated into metals, plastics, and composites. Metal includes aluminium, high strength steel (HSS), and other metals. Composite is further bifurcated into carbon fiber reinforced plastic (CFRP), and glass fiber reinforced polymer (GFRP). Further, application is segmented into structural, powertrain, interior, exterior, and other applications.
Geographically, automotive lightweight materials market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players competing in the market are Toray Industries, Inc., BASF SE, Covestro AG, PPG Industries, Inc., ThyssenKrupp AG, Novelis Inc., LyondellBasell Industries N.V., Owens Corning, Alcoa Inc., and ArcelorMittal S.A., among others.
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Scope of the Global Automotive Lightweight Materials Market
Material Type Segments
Aluminium
High Strength Steel (HSS)
Other Metals
Carbon Fiber Reinforced Plastic (CFRP)
Glass Fiber Reinforced Polymer (GFRP)
Application Segments
Geographical Segments
U.S.
Canada
Mexico
UK
Germany
France
Rest of Europe
India
China
Japan
South Korea
Rest of Asia-Pacific
South America
Middle East
Africa
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